Vincent Anthony Mazzotta Jr, a key figure in a crypto Ponzi scheme that defrauded investors of $13 million, has pleaded guilty to money laundering and conspiracy to obstruct justice. Mazzotta's fraudulent operation involved fictitious investment firms promoting AI-driven crypto trading bots, alongside a fabricated government agency, the Federal Crypto Reserve, which extracted more money from victims under the pretense of investigating the losses. Between December 2017 and July 2023, the scheme laundered user deposits and funded a lavish lifestyle for Mazzotta, including private jets and luxury accommodations. He has been implicated in the destruction of evidence related to this fraud, alongside other co-conspirators, one of whom, David Saffron, has pleaded not guilty. The sentencing for Mazzotta, which could result in a maximum of 15 years in prison, is pending. Another accomplice, David Kagel, received over $13.9 million in restitution and was sentenced for conspiracy to commit commodity fraud.

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